Greetings,

Edited in CANVA!

1.) What is Terra Station? Explore the application, Download the wallet and connect the wallet to Terra Station. Screenshots required.

Introduction:

The terra is a blockchain network that is created by two Korean men which are DanielShin and Do Kwon in January 2018. by the passage of time, this blockchain network is growing rapidly.

What is Terra Station?

basically, the Terra is a decentralized application Defi with the help of Terra the application user manages its assets flow. this Defi application has run different types of smart contracts on it. this smart contract runs with the web extension wallet. terra ecosystem is running a proof of stake algorithm in a fully decentralized manner. this decentralization makes them unique. so, let's talk about the Terra station platforms. Terra is supported by different platforms like a mobile, desktop.so, let's explore it.

First, you visit this link which is the official link

In the above image, you will see the details of Terra. in the left-hand side, you will clearly see the Dashboard of Terra in this Dashboard we have different types of links like wallet, NFT, history staking, etc.

I will explore one by one by clicking this link.

Clicking Wallet:

Clicking NFT:

Clicking History:

Clicking Staking:

Clicking Swap:

Clicking Governance:

Clicking Contracts:

After exploring the dashboard so, now I am focusing on the Terra money and adding the extension to it. so, let's see the wallet creation and extension steps.

now click the add to chrome and create the wallet.

Now in the end I am connected with my wallet. with the help of the wallet address see in the screenshot.

2.) Explain Anchor Protocol, explore the app and connect the Terra Station wallet. Show screenshots.

So, Anchor protocol is the money market but this money market is Decentralized in nature the purpose of this money market is to save the money flow. this money market is launched in March 2021 by Seoul based company. the working is very simple of this money market it accepts the USD means Terra USD which is stable money in Terra platform. if the investor invests the money in this market in form of Terra USD to it has been awarded by high yield and low-interest rates. Anchor is very handy because it attracts investor towards it. it offers the DAI coin with a very high-interest rate. Anchor protocol is a Defi network in Financial systems. it offers a high saving to the investor rather than banks.

If we talk about the Anchor protocol the way is very simple first the investor buys the UST deposit and receives quickly high savings. if all know the crypto is a high volatile market but the Terra network ignores this volatility with the help of stable token. this Anchor protocol offers a high amount of interest as compared to banks or other financial institutions.

Now I will explore the Anchor official website

so, let's connect the wallet to this website so we need to follow the following steps:

After connecting the wallet I explore all pages one by one:

Mypage:

Earn Page:

Borrow:

Band:

3.) Explain Mirror Protocol, connect Terra Station and explore the Mirror Protocol app. Show screenshots.

Mirror protocol is one of the Terra blockchain network protocols. the terra ecosystem provides different types of protocols and Mirror is one of them. the mirror protocol is we can say a medium and in this medium, the users create their own synthetic assets in the form of stable coins.

this mirror protocol has a multichain or we can say that the cross-chain operations. this operation helps the user to access the Binance smart chain or etherum network. this protocol eases the life of trade by 24 hrs a day and seven days a week. this means the trading is open any time or anyone. in this, no protocol no third party role is played because it is a Defi application.

This protocol is developed in 2020 by Terraform Lab. it is a fully decentralized protocol. and many other smart contracts support this protocol. with the help protocol, the developers create their own Defi apps within this ecosystem.

one thing which is discussed in this protocol is it provides the opportunities market for mAssets which are all synthetic assets are listed UST, and this is pegged in UST dollars which is the stable coin. this protocol added liquidity, swapping, and awarded to secure the network.

so, let's discuss the Mirror protocol:

first, you will go to the official website

Now, let's move forward first connect the wallet and then explore the website one by one.

Mypage:

Trade:

Borrow:

Farm:

Govern:

4.) What is the Terra bridge? Explain, show screenshots.

Terra bridge is also the Terra ecosystem part, this Terra bridge is a cross-chain transfer of all supported tokens. it s also provides support and ecosystem to other native tokens in the same ecosystem. terra bridge also supports the blockchain wallets like Terra extension, coin base, etc. so, let's discuss this Terra bridge system.

so, let's visit the official website of Terra Bridge

so, let's connect the wallet and move forward:

5.) Explain how it works and what Terra Stablecoins are.

Stablecoins are the most important factor while we discuss trading on the Terra ecosystem. because it is the key component of Terra currencies which is governed by the token LUNA. Terra stable coins also included the value of the dollar this value will be decreasing the volatility of cryptocurrencies.
Terra stable coin which is Luna is secured by the many other smart contracts. Terra USD is a very stable coin in the market.

Terra stable, money coins by default algorithmic stable. let's take an example the value of UST is one dollar and this value is maintained by the value of the Luna token. in such a case if the value of UST drops so, LUNA stabilizes it. so, that's why it is a stable coin.

now I am discussing the concept of minting in Terra coin which means burning the amount of LUNA in USD while the other part is sent to the community treasury.

6. You have 1,500 USD and you want to transform it into UST. Explain in detail and take the price of the updated LUNA token.

UST = $ 1
Luna = $ 61.36
if => 1 USD = 1 UST.
Therefore =>1500 USD = 1500 UST.

UST 1 = $61.36
So 1500 UST = 1500 / 61.36 = 24.44 LUNA token

7.) Now you have that 1,500 USD and you want to make a profit, since 1 UST = 1.07 USD. Explain in detail and take the price of the updated LUNA token.

LUNA = 61.36
$ 1 = UST 1
But 1 UST= 1 .07 USD

so, => 1500 × 1.07 USD = 1605 USD

LUNA:
1605 USD / 61.36 = 26.1571 usd

profit = 26.1571 - 24.44
1.7171 USD

Conclusion:

In the end, I must say that the Terra ecosystem is a great platform for decentralized applications. this ecosystem has a lot of potentials to grow. the structure of this ecosystem is great and the stable coin of this system also provides the additional facility to the investor.

so, I am very thankful to prof.@pelon53 and to all of you guys that you read my post.
Thank you!

Regards,

@hammadahmed112